2 Portfolio changes Our Asset Allocation Committee met in April and decided to maintain its guidance asset allocation positioning. However, we did make a number of changes to our portfolios as follows: We switched our Japanese exposure in Low Medium Income into the L&G Asian Income Fund and in Low Medium Growth into the First State Asia Pacific Fund. This is due to the view that economic indicators in Japan are worsening and that the Bank of Japan may be unable to stimulate demand through its policy of monetary easing. In Medium Risk and above, we also reduced Japanese exposure in favour of Asia ex-japan while also adjusting our UK exposure. In the UK, we have only held active managers for a year or so. This worked very well last year as they outperformed the main All Share Index; however, year to date has been less positive due to the effects that Brexit fears are having on the UK equity market, in particular for small and mid-size companies. We have, therefore, reduced some of our larger UK active fund positions in favour of the Vanguard FTSE All Share tracker fund. In particular, this reduced our weighting to mid-cap companies and gives increased exposure to the larger, more-global companies. This also has the benefit of slightly reducing the overall costs on our portfolios. Market commentary for May May saw a re-emergence of US dollar strength as the Federal Reserve, buoyed by improved US economic data, began to talk up the possibility for further US interest rate rises later in the year. This catalysed a selloff in emerging market equities, which finished the month as the worst performers in regional terms. Within equity markets, the materials sector bore the brunt of the impact, giving up some of its large gains from April, as the euphoria catalysed by China s recently-announced fiscal stimulus lessened. Likewise, the energy sector gave up some of April s gains, despite the oil price rising further. The information technology sector made the largest gains, which helped the US s technology-heavy NASDAQ Composite Index achieve the best performance of the major regional indices. Europe was another of the strongest performing regions, and is now the strongest performer in the quarter to date, as weak inflation data gave rise to expectations for further policy support from the European Central Bank (ECB). However, the gains for non-euro investors were tempered by the currency s depreciation. Likewise, the strong returns generated by Japanese equities were offset by a selloff in the yen, for foreign investors who had not hedged their currency positions. In the UK, the domestically-oriented FTSE 250 Index made gains as markets priced in a reduced possibility for an exit from the European Union. Likewise, the pound sterling bounced after having lost significant ground earlier in the year. The more internationally-exposed FTSE 100 Index also made gains, albeit these were reduced by the underperformance of some of its large constituents representing the energy and materials sectors. Most bond markets, including high yield and investment grade corporate bonds in Europe and the US, and emerging market sovereigns, ended the period roughly flat. However, European sovereign issues outperformed on expectations for continued ECB support, while UK gilts did well as investors priced in a reduced chance for a Brexit.

5 MPS High Risk (Inc & Gwth) Artemis Global Income 7.0% CF Lindsell Train UK Equity Inc 4.0% Charlemagne Magna EmgMkDv 3.0% Fidelity Enhanced Inc W Inc 4.0% Fidelity Index US W Inc 8.0% First State AsiaPacLdrs B GBP Inc 5.0% JOHCM UK Equity Income Y Inc 5.0% Majedie UK Income 5.0% Newton Gbl Higher Inc W Inc GBP 7.0% Phoenix Chelverton UK Equity Income 5.0% Polar Capital Japan Hedged 4.0% Royal London UK Equity Inc M Inc 7.0% Schroder European Alpha Income Fund Inc (H) 6.0% SLI UK Equity Income Unconstrained 5.0% Stan Life Inv Eurpn Eq Inc I Inc 6.0% Vanguard FTSE U.K. AllShr 5.0% Vanguard US Equity Index Inc 8.0% Important information: The performance indicated for each sector should not be taken as an expectation of the future performance. Investors should be aware that the price of investments and the income from them can go down as well as up and that neither is guaranteed. Past performance is not a guide to the future. Investors may not get back the amount invested. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. Investors should be aware of the additional risks associated with funds investing in emerging or developing markets. Brooks Macdonald is a trading name of Brooks Macdonald Group plc used by various companies in the Brooks Macdonald group of companies. Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales, No Registered office: 72 Welbeck Street, London, W1G 0AY. More information about the Brooks Macdonald Group can be found at

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